Essar Energy, the London Stock Exchange-listed India-focussed integrated energy company, has reported a net loss of $175 million during the 12 months ended March 31, 2013, against a net loss of $764 million in the previous 15 months ended March 31, 2012.
However, the company beat analysts’ expectation by reporting current price earnings before interest, tax, depreciation and amortisation (EBITDA) of $1.33 billion, against $485 million in the previous 15 month period. Analysts had expected the company to report current price EBITDA of $1.16 billion.
The company reported a total revenue of $27.25 billion as compared to $21.95 billion.
ADVERTISEMENT
The company’s petroleum refining assets include Stanlow refinery in the U.K., and Vadinar refinery in Gujarat.
Gross refinery margins at Stanlow rose to an average $7.38 from $3.06/barrel in the first eight months of ownership to March 2012. Of this margin uplift, $2.20 a barrel is due to internal initiatives and investments put in place following its acquisition by Essar for $350 million in July 2011.
Gross refinery margins at Vadinar rose to $7.96 from $4.45 a barrel. Following expansion, the capacity of this refinery has increased to 405,000 barrels a day.
ADVERTISEMENT
In power business, the company commissioned 2,310 MW of new capacity during the year, taking the total to 3,910 MW from 1,600 MW at the end of the previous financial year.